Fuel Focus, April 29, 2016

Table of Contents

National Overview

Canadian Retail Gasoline Prices increased by 2 cents Over the Last Two Weeks

For the two-week period ending April 26, 2016, the Canadian average retail gasoline price was $1.03 per litre. This is an increase of 2 cents over the two-week period ending April 12, 2016. Prices are 8 cents per litre lower than the same period last year.

Average retail diesel prices increased by 1 cent per litre over the two week period ending April 12, 2016 to reach $0.91 per litre. This is 20 cents less compared to the same period last year. Over the same period, furnace oil prices decreased by 1 cent to reach $0.93, 15 cents per litre less than a year ago.

Figure 1

The graph shows prices in cents per litre for gasoline at retail, gasoline excluding taxes, and Canadian Light Sweet and Brent crude oil prices. Gasoline prices ended the period of April 26, 2016 at 103.3 cents per litre, excluding taxes at 65.3 cents per litre, Canadian Light Sweet at 27.1 cents per litre and Brent at 32.4 cents per litre.

Dates

Gasoline at retail

Excluding Taxes

Canadian Light Sweet

Brent crude

06/01/2015

95.0

58.8

33.8

42.0

13/01/2015

91.5

55.7

30.5

38.1

20/01/2015

91.3

55.4

29.8

35.8

27/01/2015

92.5

56.5

30.3

37.6

03/02/2015

96.5

60.2

30.7

39.1

10/02/2015

101.2

64.5

34.7

44.2

17/02/2015

103.0

66.2

35.0

45.3

24/02/2015

103.7

66.8

35.7

47.7

03/03/2015

112.3

74.1

35.1

44.6

10/03/2015

108.6

70.6

35.4

47.4

17/03/2015

105.8

68.0

33.8

45.4

2015-03-24

107.3

69.5

31.6

43.7

2015-03-31

107.1

69.3

34.9

44.6

2015-04-07

108.1

70.2

35.6

44.2

2015-04-14

107.6

69.1

38.1

45.3

2015-04-21

109.70

72.8

40.5

46.8

2015-04-28

111.40

71.0

40.7

48.9

2015-05-05

114.5

75.3

41.8

49.9

2015-05-12

113.0

74.0

44.3

50.5

2015-05-19

113.6

74.6

44.5

50.1

2015-05-26

117.4

78.0

44.5

50.2

2015-06-02

119.0

79.4

44.6

49.8

2015-06-09

118.2

78.7

46.3

50.1

2015-06-16

123.6

83.7

46.0

50.0

2015-06-23

122.1

82.3

45.9

49.2

2015-06-30

120.6

80.9

44.4

49.4

2015-07-07

122.1

82.2

42.8

49.0

2015-07-14

123.5

83.5

38.1

46.0

2015-07-21

122.2

82.3

39.1

46.6

2015-07-28

118.4

78.9

36.5

45.8

2015-08-04

117.6

78.1

34.6

43.4

2015-08-11

114.5

75.5

30.3

40.7

2015-08-18

118.8

79.5

28.8

39.0

2015-08-25

114.1

75.3

29.0

37.8

2015-09-01

110.6

72.0

35.6

42.5

2015-09-08

108.9

70.4

35.1

40.4

2015-09-15

107.1

68.7

35.2

39.3

2015-09-22

106.1

67.9

35.2

39.3

2015-09-29

106.8

68.6

35.5

40.6

2015-10-06

105.7

67.6

35.2

40.2

2015-10-13

106.7

68.5

36.9

42.3

2015-10-20

104.6

66.7

37.8

40.0

2015-10-27

104.1

66.1

34.8

39.7

2015-11-03

107.2

68.9

35.4

40.1

2015-11-10

109.4

70.9

36.1

40.3

2015-11-17

104.8

66.7

33.6

38.1

2015-11-24

103.6

65.6

32.1

37.1

2015-12-01

104.7

66.5

31.9

38.1

2015-12-08

100.7

62.9

31.2

36.7

2015-12-15

101.3

63.5

28.3

34.0

2015-12-22

102.7

64.9

27.7

32.6

2015-12-29

102.1

64.3

28.4

32.3

2016-01-05

101.3

63.4

29.1

32.3

2016-01-12

96.8

59.4

26.6

30.5

2016-01-19

93.7

56.5

23.9

27.5

2016-01-26

91.3

54.3

22.1

26.5

2016-02-02

93.8

56.5

24.4

29.1

2016-02-09

88.6

51.8

23.7

29.8

2016-02-16

88.2

51.5

21.4

27.5

2016-02-23

90.1

53.4

23.2

29.0

2016-03-01

89.3

52.6

25.2

29.7

2016-03-08

96.8

59.4

27.7

31.3

2016-03-15

98.6

61.2

29.8

33.8

2016-03-22

96.9

59.6

29.8

33.4

2016-03-29

99.4

61.8

29.8

34.0

2016-04-05

98.7

61.2

28.3

32.4

2016-04-12

101.9

64.1

27.1

32.4

2016-04-19

102.8

64.8

29.8

35.3

2016-04-26

103.3

65.3

30.2

35.5

Figure 2: Weekly Regular Gasoline Prices

Text version

Figure 2

This graph shows the gasoline price trends from 2014 to 2016.

Date

2014 Gasoline at Retail

Date

2015 Gasoline at Retail

Date

2016 Gasoline at Retail

14-01-07

125.00

15-01-06

95.00

16-01-05

101.30

14-01-14

125.60

15-01-13

91.50

16-01-12

96.80

14-01-21

125.70

15-01-20

91.30

16-01-19

93.70

14-01-28

126.60

15-01-27

92.50

16-01-26

91.30

14-02-04

125.90

15-02-03

96.50

16-02-02

93.80

14-02-11

127.60

15-02-10

101.20

16-02-09

88.60

14-02-18

129.30

15-02-17

103.00

16-02-16

88.20

14-02-25

130.70

15-02-24

103.70

16-02-23

90.10

14-03-04

132.50

15-03-03

112.30

16-03-01

89.30

14-03-11

131.80

15-03-10

108.60

16-03-08

96.80

14-03-18

132.00

15-03-17

105.80

16-03-15

98.60

14-03-25

132.90

15-03-24

107.30

16-03-22

96.90

14-04-01

132.90

15-03-31

107.10

16-03-29

99.40

14-04-08

133.90

15-04-07

108.10

16-04-05

98.70

14-04-15

136.80

15-04-14

107.60

16-04-12

101.90

14-04-22

137.70

15-04-21

109.70

16-04-19

102.80

14-04-29

139.80

15-04-28

111.40

16-04-26

103.30

14-05-06

136.90

15-05-05

114.50

16-05-03

14-05-13

135.70

15-05-12

113.00

16-05-10

14-05-20

136.00

15-05-19

113.60

16-05-17

14-05-27

136.80

15-05-26

117.40

16-05-24

14-06-03

137.40

15-06-02

119.00

16-05-31

14-06-10

138.10

15-06-09

118.20

16-06-07

14-06-17

138.80

15-06-16

123.60

16-06-14

14-06-24

141.20

15-06-23

122.10

16-06-21

14-07-01

138.70

15-06-30

120.60

16-06-28

14-07-08

137.20

15-07-07

122.10

16-07-05

14-07-15

133.80

15-07-14

123.50

16-07-12

14-07-22

133.00

15-07-21

122.20

16-07-19

14-07-29

131.80

15-07-28

118.40

16-07-26

14-08-05

131.10

15-08-04

117.60

16-08-02

14-08-12

133.60

15-08-11

114.50

16-08-09

14-08-19

131.30

15-08-18

118.80

16-08-16

14-08-26

132.10

15-08-25

114.10

16-08-23

14-09-02

132.80

15-09-01

110.60

16-08-30

14-09-09

133.00

15-09-08

108.90

16-09-06

14-09-16

129.90

15-09-15

107.10

16-09-13

14-09-23

129.40

15-09-22

106.10

16-09-20

14-09-30

130.10

15-09-29

106.80

16-09-27

14-10-07

128.00

15-10-06

105.70

16-10-04

14-10-14

123.10

15-10-13

106.70

16-10-11

14-10-21

121.90

15-10-20

104.60

16-10-18

14-10-28

118.80

15-10-27

104.10

16-10-25

14-11-04

117.80

15-11-03

107.20

16-11-01

14-11-11

119.20

15-11-10

109.40

16-11-08

14-11-18

116.20

15-11-17

104.80

16-11-15

14-11-25

114.40

15-11-24

103.60

16-11-22

14-12-02

112.30

15-12-01

104.70

16-11-29

14-12-09

107.20

15-12-08

100.70

16-12-06

14-12-16

101.10

15-12-15

101.30

16-12-13

14-12-23

99.40

15-12-22

102.70

16-12-20

14-12-30

98.10

15-12-29

102.10

16-12-27

Table 1: Changes in Fuel Prices

¢/L

Two week average ending: 2016-04-26

Change from: 2 weeks ago

Change from: Last Year

Gasoline

102.7

+2.4

-7.9

Diesel

91.1

+0.8

-19.9

Furnace Oil

93.0

-0.5

-15.0

Natural Gas Prices in $CA/GJ

Alberta (NGX)

1.04

+0.04

-1.36

Ontario (Dawn)

2.52

+0.06

-0.74

Source: NRCan, Bloomberg

Table 2: Natural Gas Prices for Vehicles

2016-04-26

¢/kilogram

¢/L gasoline equivalent

¢/L diesel equivalent

Vancouver

120.1

79.2

82.1

Edmonton

115.0

75.9

78.7

Toronto

128.4

84.7

87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

Gasoline and Diesel Taxes to Increase in Newfoundland and Labrador
On April 14, 2016, the Government of Newfoundland and Labrador tabled its 2016 Budget. The Budget included two tax changes that will directly impact gasoline prices: an increase to the harmonized sales tax (HST) and a doubling of the gasoline tax. On July 1st, the HST will rise by 2 percentage points to 15%. In June, fuel taxes will increase, with the tax on gasoline rising from 16.5 to 33 cents per litre and the tax on diesel rising from 16.5 to 21.5 cents per litre.

Gasoline Prices Continue to Moderate the Rise in the Consumer Price Index
On April 22, 2016, Statistics Canada released the Consumer Price Index (CPI) for March 2016. The CPI rose by 1.3% in the 12 months leading up to March 2016. When gasoline prices are excluded, the CPI increased by 1.9% in March. Statistics Canada notes that despite a 5.7% increase in gasoline prices in March, the gasoline component of the CPI was down 13.6% compared to last year.

International Energy Agency (IEA) Medium-Term Oil Market Report
On April 13, 2016, the IEA released its Monthly Oil Market Report for April. The report notes that the increase in global oil demand is projected to fall from 1.8 million barrels per day (bpd) in 2015 to 1.2 million bpd in 2016. This is largely due to softening demand growth in the U.S., China and Europe. The IEA notes that Canada is among the few non-OPEC countries that are expected to increase their crude oil production this year, along with Russia, Brazil and Congo.

Retail Gasoline Overview

For the period ending April 26, 2016, the four-week-average regular gasoline pump price in selected cities across Canada increased by 2 cents per litre to $1.02 per litre compared to the previous report of April 15, 2016. Compared to the same period in 2015, the average Canadian pump price is 6 cents per litre lower.

The four-week-average crude oil component remained at an average of 31 cents over the period. The crude oil price component of gasoline is 13 cents per litre lower than this time last year.

Retail gasoline prices in Western centres increased by 1 cent per litre compared to the previous report and ranged from $0.88 per litre to $1.15 per litre. Average prices in Eastern cities increased by 4 cents and ranged from $0.97 to $1.07 per litre.

At the national level, refining and marketing costs and margins were 33 cents per litre, an increase of 2 cents from the previous report and 8 cents higher than this time last year.

Figure 4

This graph shows the trend in wholesale gasoline prices for selected centres in Canada and the U.S.

DATE

Halifax

Braintree

Montreal

Rochester

Toronto

Buffalo

Edmonton

Grand Forks

Vancouver

Seattle

Thu 01-Jan-15

50.20

45.88

51.30

47.82

51.70

52.04

47.20

42.25

51.20

41.16

Thu 08-Jan-15

46.90

43.19

50.60

44.81

47.30

48.09

45.00

42.87

48.50

40.72

Thu 15-Jan-15

46.60

42.30

50.30

43.50

47.20

46.68

44.20

43.28

47.00

37.04

Thu 22-Jan-15

47.20

45.26

50.50

45.67

47.20

49.64

43.90

45.92

47.00

39.15

Thu 29-Jan-15

48.20

47.00

51.00

48.37

48.00

50.44

48.40

48.80

48.80

42.85

Thu 05-Feb-15

52.90

50.65

54.60

51.75

52.20

54.13

52.10

53.44

54.60

50.12

Thu 12-Feb-15

56.20

53.56

57.40

54.19

55.40

57.51

56.70

56.48

59.40

53.76

Thu 19-Feb-15

55.60

55.91

57.70

54.23

55.40

58.78

54.70

60.87

60.40

57.33

Thu 26-Feb-15

60.80

57.71

62.30

58.17

60.20

62.69

58.60

65.23

70.30

68.96

Thu 05-Mar-15

61.20

56.75

63.80

57.62

61.20

62.49

56.30

65.32

71.60

63.08

Thu 12-Mar-15

59.30

55.45

62.70

56.74

59.80

62.36

58.20

63.71

66.40

59.34

Thu 19-Mar-15

57.90

54.71

61.40

55.89

58.30

60.60

63.00

63.29

65.20

59.76

Thu 26-Mar-15

58.10

58.24

62.00

57.84

58.90

60.60

60.10

64.71

66.30

63.29

Thu 02-Apr-15

59.60

58.97

63.70

57.44

60.80

58.31

57.10

59.91

66.20

59.80

Thu 09-Apr-15

59.60

54.12

60.70

58.63

57.80

60.01

55.90

58.28

63.30

59.94

Thu 16-Apr-15

62.10

63.74

65.30

63.38

63.10

63.81

59.20

63.94

68.60

64.41

Thu 23-Apr-15

60.70

64.33

64.20

62.59

62.20

64.43

57.80

63.33

68.60

66.20

Thu 30 Apr-15

61.70

65.85

64.70

63.49

63.50

65.56

57.40

65.51

72.60

70.92

Thu 7 May-15

63.50

63.07

66.60

61.79

65.20

63.39

60.20

63.71

73.80

67.87

Thu 14 May-15

63.30

65.00

66.20

64.04

65.20

65.64

60.70

66.92

72.90

70.76

Thu 21-May-15

66.80

64.92

69.10

64.28

68.40

64.92

65.00

67.13

75.70

72.83

Thu 28-May-15

65.70

63.55

68.50

63.23

67.90

64.52

62.90

69.68

74.60

70.32

Thu 04-Jun-15

69.00

66.58

71.90

64.27

71.40

66.25

68.20

72.51

71.20

70.54

Thu 11-Jun-15

71.00

69.89

73.30

69.08

73.70

71.22

72.40

78.00

79.90

78.13

Thu 18-Jun-15

70.30

68.14

72.70

67.49

73.80

69.44

71.70

74.98

81.20

78.24

Thu 25-Jun-15

68.90

65.15

71.20

64.18

72.90

66.12

69.00

71.60

78.60

75.15

Thu 02-Jul-15

70.50

65.89

72.40

65.23

74.20

66.54

68.90

73.39

76.80

73.39

Thu 9-Jul-15

72.30

69.94

73.70

68.60

74.60

68.26

68.70

78.01

76.60

79.02

Thu 16-Jul-15

65.40

65.29

68.50

64.60

71.10

65.97

67.40

86.48

77.10

76.57

Thu 23-Jul-15

65.80

64.02

69.30

62.65

71.50

65.40

69.90

81.58

77.60

74.35

Thu 30-Jul-15

63.80

63.32

67.20

62.28

69.20

63.66

68.50

77.08

75.60

72.95

Thu 06-Aug-15

61.80

58.98

65.60

59.33

67.40

61.06

68.60

75.98

73.50

65.57

Thu 13-Aug-15

64.90

61.15

68.10

61.84

69.10

62.88

81.80

87.41

74.20

69.79

Thu 20-Aug-15

58.20

54.94

61.90

55.63

62.50

58.05

71.10

72.56

70.60

63.58

Thu 27-Aug-15

51.80

52.64

55.30

54.73

55.50

54.73

56.70

64.15

62.30

58.92

Thu 03-Sep-15

58.60

55.09

62.50

60.67

62.30

60.67

62.20

64.51

64.80

55.44

Thu 10-Sep-15

55.40

52.73

58.70

55.18

58.00

57.62

59.80

62.51

59.50

48.89

Thu 17-Sep-15

53.30

51.21

56.70

52.25

56.10

56.43

64.20

64.44

58.00

50.51

Thu 24-Sep-15

54.10

51.85

57.10

52.20

56.70

55.02

66.20

67.01

60.50

49.73

Thu 01-Oct-15

54.70

51.42

57.80

53.17

57.50

55.27

71.80

71.36

58.20

45.83

Thu 08-Oct-15

54.00

50.55

58.00

52.62

57.10

55.71

69.90

73.59

58.80

49.18

Thu 15-Oct-15

52.00

50.11

55.50

48.75

54.60

51.47

60.70

64.09

59.80

49.09

Thu 22-Oct-15

50.60

50.83

55.20

50.13

54.50

52.55

62.00

59.81

59.30

47.02

Thu 29-Oct-15

52.50

51.14

56.90

51.84

56.60

52.88

63.80

59.84

63.00

52.54

Thu 05-Nov-15

55.20

51.13

59.50

52.87

59.70

53.57

66.50

58.09

71.90

56.70

Thu 05-Nov-15

55.20

51.13

59.50

52.87

59.70

53.57

66.50

58.09

71.90

56.70

Thu 12-Nov-15

53.20

49.57

57.60

58.40

51.32

58.20

49.92

68.10

49.57

Thu 26-Nov-15

54.60

51.65

59.40

53.41

59.70

55.86

51.80

51.30

69.40

49.54

Thu 03-Dec-15

50.60

52.01

55.20

52.72

55.80

52.72

48.30

49.18

65.70

49.89

Thu 10-Dec-15

49.00

52.81

53.80

50.65

53.40

51.73

50.60

51.01

63.70

51.01

Thu 17-Dec-15

50.30

54.25

55.10

50.93

54.80

51.30

50.60

50.93

67.10

57.94

Thu 24-Dec-15

50.30

50.11

55.40

50.11

55.20

50.47

52.50

49.01

67.80

58.89

Thu 31-Dec-15

50.20

48.63

55.30

48.63

55.20

50.09

52.30

50.09

65.00

51.19

Thu 07-Jan-16

47.30

54.60

53.10

46.43

53.70

50.89

45.20

44.57

59.20

39.75

Thu 14-Jan-16

44.20

42.91

49.60

44.80

50.10

52.02

40.00

41.77

49.70

37.59

Thu 21-Jan-16

44.20

43.76

49.40

43.16

49.70

51.70

37.10

38.00

50.70

34.99

Thu 28-Jan-16

44.00

43.05

48.80

44.61

49.30

51.08

35.70

37.55

51.70

36.32

Thu 04-Feb-16

41.60

39.20

46.40

40.54

46.70

49.82

35.30

30.91

52.70

35.35

Thu 11-Feb-16

39.40

36.50

43.90

38.49

44.10

41.77

34.10

32.42

53.70

38.38

Thu 18-Feb-16

41.40

37.15

45.50

38.64

45.80

41.72

43.40

38.93

54.70

35.63

Thu 25-Feb-16

41.70

39.23

45.80

40.70

46.10

43.39

43.30

48.04

55.70

42.32

Thu 03-Mar-16

41.70

38.07

46.20

41.97

46.40

39.24

45.90

48.68

56.40

41.37

Thu 10-Mar-16

46.20

43.03

51.20

44.65

51.50

46.63

52.00

53.49

58.80

44.44

Thu 17-Mar-16

46.20

42.53

51.10

43.77

51.60

45.31

50.80

50.80

57.90

43.56

Thu 24-Mar-16

49.40

46.76

53.50

47.57

54.40

48.02

50.20

53.21

57.60

43.75

Thu 31-Mar-16

48.70

47.08

53.50

49.10

53.90

50.37

49.30

51.06

58.70

41.80

Thu 07-Apr-16

49.20

47.43

53.70

48.79

54.10

50.32

49.80

51.12

56.10

45.38

Thu 14-Apr-16

53.60

50.97

58.30

51.51

59.30

53.07

54.90

53.24

59.20

45.78

Thu 21-Apr-16

52.60

51.07

56.50

52.41

58.10

53.29

53.30

52.04

57.80

50.70

Sources: NRCan, Bloomberg Oil Buyers Guide

Gasoline Refining and Marketing Margins

Four-week rolling averages are used for gasoline refining and marketing margins.

Gasoline refining margins refer to the difference between the price of crude oil and the wholesale price at which the refiner can sell gasoline. The margin includes the costs associated with refining the product as well as a profit for the refiner.

Nationally, the four-week rolling average refining margin for the period ending April 26, 2016 was 24 cents per litre, an increase of 1 cent from the previous report of April 15, 2016. Compared to the same time last year, margins in Canada are 2 cent per litre lower.

The gasoline marketing margins represent the difference between the wholesale and retail prices of gasoline. This margin pays for the costs associated with operating a service station.

Overall, the national average for marketing margins were at 9 cents per litre.

Figure 5

These graphs show the trend in refining and marketing costs and margins for selected centres in Canada and the national average.

4-week rolling average

Canada

Vancouver

Calgary

Toronto

Montreal

Halifax

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

2014-01-07

7.7

16.4

5.2

20.8

7.6

18.6

7.4

25.3

4.7

8.1

6.3

7.4

2014-01-14

7.3

16.7

5.5

21.2

6.8

19.7

7.6

25.6

4.1

8.7

5.8

8.1

2014-01-21

7.9

16.3

5.2

20.1

7.0

19.4

7.6

24.3

6.4

8.1

6.6

7.7

2014-01-28

7.9

15.6

6.6

20.1

6.7

20.1

8.7

24.1

7.8

6.9

7.4

6.7

2014-02-04

7.6

16.1

5.5

20.0

6.7

21.3

8.0

24.2

8.2

6.5

8.1

6.7

2014-02-11

7.3

16.4

5.0

16.9

6.1

18.0

8.0

20.7

7.8

6.5

7.6

7.3

2014-02-18

7.0

15.0

4.6

16.4

6.7

17.7

7.9

20.3

6.6

7.2

7.6

8.7

2014-02-25

6.5

14.3

4.3

12.5

6.5

14.3

7.8

16.8

5.1

8.2

7.4

10.2

2014-03-04

6.3

14.1

4.0

11.8

6.7

13.3

7.2

15.0

5.0

9.1

7.4

11.6

2014-03-11

6.7

12.6

4.7

14.0

7.3

16.0

7.1

16.0

5.3

9.1

8.8

11.2

2014-03-18

7.1

13.3

5.9

15.3

6.5

17.9

7.6

15.7

6.3

8.5

9.6

10.4

2014-03-25

7.7

14.3

6.8

19.7

7.4

22.1

7.8

18.0

6.6

8.4

9.6

9.7

2014-04-01

8.1

15.1

8.3

21.5

7.3

24.1

8.4

18.9

7.0

8.4

9.4

8.7

2014-04-08

8.1

16.6

8.3

22.4

8.1

24.5

8.5

19.0

6.8

9.5

8.4

9.3

2014-04-15

7.8

18.2

8.5

23.7

9.0

24.9

8.4

20.3

5.8

11.1

7.1

11.0

2014-04-22

7.8

18.9

8.6

24.4

8.5

25.2

8.6

21.3

5.7

11.5

7.2

12.1

2014-04-29

8.0

20.0

8.7

26.0

9.3

26.1

8.7

23.0

5.9

12.2

8.2

13.2

2014-05-06

8.4

20.3

9.0

26.7

9.6

26.3

8.8

23.7

6.4

12.3

9.4

14.0

2014-05-13

8.7

19.8

8.4

27.4

9.9

26.0

8.5

23.5

7.4

11.5

10.0

13.3

2014-05-20

8.6

19.6

8.1

27.2

9.7

25.2

8.2

22.9

8.0

11.0

9.6

12.3

2014-05-27

8.0

19.4

7.7

27.2

7.9

24.8

7.8

22.5

8.0

10.8

8.4

12.1

2014-06-03

7.7

18.8

7.4

26.4

7.4

23.9

7.7

21.4

8.1

10.6

8.1

11.3

2014-06-10

7.4

19.4

7.3

26.4

6.9

24.3

7.6

22.0

7.7

11.2

7.8

11.3

2014-06-17

7.3

19.8

7.1

26.9

6.8

24.7

7.3

23.0

7.6

10.8

7.7

10.7

2014-06-24

7.8

19.9

7.3

28.5

8.6

25.7

7.7

24.8

7.6

11.0

8.0

10.5

2014-07-01

7.8

20.7

6.9

29.1

9.3

25.1

7.3

25.8

6.9

11.3

7.8

10.7

2014-07-08

8.2

20.0

7.7

28.0

10.0

24.0

7.7

25.6

7.1

10.8

8.2

10.3

2014-07-15

8.6

19.4

7.6

27.9

11.4

23.8

7.8

26.4

6.9

12.2

8.9

11.6

2014-07-22

8.4

19.0

7.3

26.2

11.2

22.4

7.1

25.6

7.2

11.6

8.7

11.3

2014-07-29

8.3

18.4

7.9

25.1

9.9

22.0

7.4

25.2

7.1

11.1

8.3

11.0

2014-08-05

7.9

18.2

7.6

24.6

8.9

21.6

7.2

24.4

7.2

10.4

8.1

10.4

2014-08-12

8.0

18.4

8.1

25.1

9.7

21.8

7.3

24.4

7.8

10.3

7.6

10.5

2014-08-19

8.6

17.8

8.3

25.2

10.5

22.3

7.3

24.2

7.0

10.1

7.8

10.4

2014-08-26

8.6

18.6

8.1

25.9

11.4

23.4

6.9

24.5

7.5

11.3

7.2

11.6

2014-09-02

8.4

19.5

7.9

26.6

11.8

24.5

6.8

24.7

7.4

12.2

7.0

12.5

2014-09-09

8.5

19.6

7.6

26.4

10.1

25.2

7.1

24.1

7.6

13.4

7.5

13.3

2014-09-16

8.0

20.1

8.2

25.4

8.5

25.4

7.6

22.9

7.7

13.4

7.8

13.3

2014-09-23

8.2

19.3

8.3

24.1

7.8

24.8

8.0

21.8

7.8

13.8

8.1

13.7

2014-09-30

8.1

19.2

8.6

22.2

7.5

24.4

7.9

21.6

7.3

14.3

8.0

14.2

2014-10-07

8.4

18.1

9.2

20.2

9.2

23.7

7.6

20.8

7.2

14.5

8.9

14.9

2014-10-14

8.8

17.0

8.6

17.9

11.0

22.1

7.7

19.2

8.0

13.2

9.6

13.9

2014-10-21

9.2

15.7

9.2

17.7

12.4

23.0

7.7

20.4

8.8

14.5

9.3

15.4

2014-10-28

9.6

13.4

8.5

16.5

13.8

21.1

8.0

18.8

9.2

12.5

9.6

13.5

2014-11-04

9.3

15.2

8.1

18.5

12.3

22.2

8.4

19.9

9.4

11.5

8.9

12.3

2014-11-11

9.2

16.2

8.3

19.7

10.5

21.9

8.7

20.2

9.9

10.6

7.5

11.1

2014-11-18

9.2

16.4

8.4

22.4

10.7

22.9

8.8

21.4

9.1

11.0

8.5

11.3

2014-11-25

9.2

16.8

9.4

22.7

10.9

22.7

8.7

21.4

9.4

10.8

8.3

11.0

2014-12-02

9.4

16.8

9.4

22.9

11.8

22.4

8.8

22.2

9.1

13.1

8.5

12.9

2014-12-09

9.7

15.7

9.9

19.4

13.2

19.6

8.8

20.1

8.9

11.5

9.4

11.1

2014-12-16

9.5

14.2

9.5

19.2

12.5

20.2

8.5

20.9

9.1

12.5

9.3

11.7

2014-12-23

9.4

13.8

9.5

18.3

11.8

19.4

8.8

20.1

9.1

11.9

9.0

10.4

2014-12-30

9.6

12.9

9.8

17.5

11.8

18.4

8.9

19.0

9.7

10.3

9.0

8.9

2015-01-06

9.4

12.5

9.7

18.1

11.3

18.3

9.1

18.9

8.8

11.2

9.0

9.0

2015-01-13

9.6

13.0

10.1

17.6

10.7

17.1

9.4

17.8

8.9

11.6

9.0

8.9

2015-01-20

9.5

12.9

9.9

17.1

10.9

16.7

9.4

17.1

8.3

12.1

8.8

9.0

2015-01-27

8.7

13.9

9.4

17.2

8.9

17.4

9.3

17.0

7.0

12.7

7.9

9.2

2015-02-03

7.6

16.1

8.6

18.9

7.5

19.3

8.5

18.3

5.7

14.0

6.1

11.0

2015-02-10

7.5

17.2

8.6

19.3

7.6

19.6

8.6

18.0

5.5

11.8

5.4

9.4

2015-02-17

7.6

18.0

9.3

21.9

7.6

21.9

9.0

19.4

5.3

12.5

5.8

10.6

2015-02-24

7.8

18.5

10.1

23.7

8.6

22.5

9.3

20.0

5.0

12.0

6.2

10.4

2015-03-03

9.5

19.1

11.3

27.3

10.8

23.7

10.2

21.7

7.7

13.2

7.7

11.6

2015-03-10

9.5

20.2

10.5

30.6

11.0

24.4

10.1

23.6

7.3

14.5

8.9

12.6

2015-03-17

9.4

20.9

9.7

32.1

9.7

24.7

9.6

24.4

8.3

15.8

9.9

13.4

2015-03-24

9.5

22.6

8.2

34.7

9.2

27.1

8.6

26.2

9.2

16.8

10.3

13.9

2015-03-31

8.6

22.3

7.5

33.3

7.6

27.3

8.0

25.7

8.4

17.3

10.9

13.9

2015-04-07

8.6

22.4

7.9

31.2

7.2

26.5

7.9

24.4

9.1

17.2

10.6

13.4

2015-04-14

8.7

21.9

8.3

30.1

7.4

25.1

8.1

23.5

9.2

17.1

10.6

13.2

2015-04-21

8.6

20.7

9.2

27.3

7.5

21.7

8.5

21.4

8.7

16.4

10.6

12.6

2015-04-28

8.8

20.0

9.0

27.3

7.8

19.6

8.4

21.2

8.6

16.0

10.6

12.3

2015-05-05

9.2

19.6

9.6

28.2

6.8

18.9

8.8

21.2

8.3

15.7

10.5

12.4

2015-05-12

9.3

19.2

9.7

29.7

7.9

19.0

8.8

21.8

7.8

15.8

11.0

12.5

2015-05-19

9.2

19.3

10.0

29.6

7.0

18.5

9.1

21.2

7.9

16.0

11.1

12.9

2015-05-26

9.0

20.1

10.3

30.0

7.1

19.7

9.0

21.9

7.9

17.0

10.6

14.0

2015-06-02

9.8

20.0

10.6

29.1

9.4

19.5

9.7

21.3

8.9

17.1

11.3

14.1

2015-06-09

9.9

20.7

10.0

29.6

9.9

20.9

9.6

22.4

9.2

18.2

10.9

15.4

2015-06-16

10.2

22.6

10.1

30.6

12.0

23.0

9.6

23.8

8.9

20.1

10.2

17.4

2015-06-23

10.2

23.5

9.4

31.3

12.3

24.0

9.7

24.4

8.7

20.7

10.6

18.1

2015-06-30

9.2

25.0

8.4

33.6

10.6

26.9

8.7

27.4

7.9

22.5

9.6

20.2

2015-07-07

9.4

26.1

9.2

34.1

10.5

28.1

9.1

28.7

8.2

23.3

8.4

21.1

2015-07-14

9.6

27.6

9.2

37.0

9.8

30.8

9.4

32.4

9.1

23.7

8.4

21.6

2015-07-21

10.0

28.6

10.3

37.8

6.9

31.5

9.8

33.3

9.7

23.7

8.4

21.4

2015-07-28

9.6

30.0

10.2

42.8

8.2

36.5

9.7

37.6

9.1

26.6

8.8

23.9

2015-08-04

9.1

31.2

9.8

44.6

5.6

38.2

9.7

38.4

8.6

27.0

8.9

23.9

2015-08-11

8.5

31.2

8.7

44.8

6.2

39.6

8.8

38.0

7.5

26.7

9.3

23.3

2015-08-18

6.2

32.8

8.5

43.7

6.6

42.3

8.6

36.9

6.7

26.4

8.9

22.9

2015-08-25

6.9

33.0

9.1

41.4

10.2

41.6

9.1

34.6

6.4

25.1

8.9

21.6

2015-09-01

5.1

32.0

9.8

38.5

13.8

39.5

9.6

32.2

6.5

23.1

8.0

19.7

2015-09-08

5.2

30.0

10.4

36.0

12.8

37.4

10.0

30.6

6.2

22.6

7.4

19.0

2015-09-15

6.5

26.4

10.3

30.9

12.4

31.6

10.4

27.2

6.3

20.3

7.8

16.7

2015-09-22

6.1

24.0

10.0

26.0

11.2

28.7

10.1

23.6

7.0

18.6

7.5

15.0

2015-09-29

8.0

22.7

9.3

24.8

10.2

30.5

9.3

22.9

7.1

18.6

8.1

15.1

2015-10-06

8.2

22.1

8.7

23.1

11.9

30.7

9.2

21.1

7.3

16.6

8.3

13.4

2015-10-13

8.6

21.9

8.8

23.4

12.8

32.3

8.7

20.5

6.9

15.8

7.9

12.6

2015-10-20

8.8

20.9

9.1

23.4

14.1

30.9

8.5

19.8

6.5

15.9

7.7

12.6

2015-10-27

8.9

20.4

9.4

22.8

13.9

29.3

8.6

18.9

6.4

15.3

7.6

11.6

2015-11-03

9.0

20.6

10.8

24.9

12.3

29.8

9.0

19.6

6.9

16.1

7.2

12.1

2015-11-10

9.1

21.4

10.6

28.4

12.3

29.5

9.0

20.9

7.0

16.7

7.1

12.4

2015-11-17

8.9

22.4

9.5

31.3

11.9

29.4

8.7

22.7

6.9

18.1

7.5

13.7

2015-11-24

9.3

22.6

9.6

33.4

12.8

26.4

8.7

23.5

6.6

18.5

7.7

14.1

2015-12-01

9.1

22.9

9.0

36.1

12.6

25.0

8.6

25.8

5.5

19.9

7.8

15.4

2015-12-08

8.8

22.3

8.7

35.1

10.7

22.0

8.5

25.2

5.2

19.1

8.6

14.5

2015-12-15

8.6

22.9

9.7

35.4

8.7

22.0

9.1

25.5

4.8

17.7

7.6

14.9

2015-12-22

8.2

24.2

9.5

36.7

8.3

23.9

9.2

26.4

3.7

17.8

7.5

16.0

2015-12-29

8.3

24.6

9.5

38.3

8.5

25.8

9.2

27.0

4.0

22.3

7.7

17.4

2016-01-05

8.3

25.6

9.7

38.0

8.3

26.4

9.6

27.3

3.4

23.0

7.0

17.9

2016-01-12

8.2

25.4

8.6

37.4

9.4

25.9

8.8

28.1

3.5

24.3

8.2

19.0

2016-01-19

8.4

24.3

8.4

33.6

9.0

22.9

8.3

26.9

5.3

23.5

8.7

18.0

2016-01-26

8.6

23.5

8.1

31.4

9.6

21.5

7.9

27.5

6.8

23.9

8.9

18.4

2016-02-02

9.2

22.1

8.0

28.7

11.0

18.9

7.5

26.6

8.6

22.9

9.2

17.5

2016-02-09

9.5

21.6

8.8

27.7

11.2

17.9

7.6

26.4

9.8

21.7

8.5

16.4

2016-02-16

9.5

22.0

8.8

27.4

11.2

17.6

7.6

26.1

9.8

21.1

8.5

15.8

2016-02-23

9.8

18.1

10.8

25.0

10.1

14.0

10.0

22.2

6.2

17.2

7.7

12.8

2016-03-01

8.7

18.0

10.4

26.3

7.5

15.9

10.0

21.3

3.8

16.5

7.6

12.3

2016-03-08

8.1

18.6

10.4

25.4

6.9

16.4

10.1

18.3

2.5

14.5

6.7

10.4

2016-03-15

8.3

18.9

9.8

26.6

8.5

19.5

9.6

18.5

4.5

15.2

6.4

10.8

2016-03-22

8.0

19.3

9.2

26.9

8.3

20.3

9.9

18.3

3.9

15.2

6.8

10.6

2016-03-29

8.3

20.2

9.3

27.5

9.7

21.8

10.0

19.9

4.2

16.7

7.2

11.9

2016-04-05

8.5

21.4

9.1

29.0

9.2

23.7

10.0

22.8

5.3

19.1

8.9

14.2

2016-04-12

8.5

22.7

9.0

29.2

9.2

24.1

10.3

24.4

4.1

20.4

9.8

15.7

2016-04-19

8.5

23.9

9.1

28.9

9.5

24.5

10.1

25.7

4.0

20.9

10.3

16.4

2016-04-26

8.5

24.4

9.3

29.0

8.4

25.1

10.2

26.5

5.1

21.0

10.6

16.8

Source: NRCan

Crude Oil Overview

For the two weeks ending April 26, 2016, prices for the three light crude benchmarks averaged between CAD$305.35 /m3 and CAD$355.28/m3 (U.S.$38.16 and U.S.$44.39 per barrel).

Canadian light crude oil prices at Edmonton increased by CAD$26.72/m3 (U.S.$4.10 per barrel) from two weeks ago, West Texas Intermediate (WTI) increased by CAD$21.18/m3 (U.S.$3.50 per barrel) and Brent increased by CAD$26.84/m3 (U.S.$4.25 per barrel). The price of Western Canada Select increased by CAD $27.41/ m3 (U.S.$3.97) from two weeks ago.

The discount for Canadian heavy oil, as measured by the Western Canadian Select price differential to WTI averaged CAD$107.64/m3 (U.S.$13.44 per barrel) for the two weeks ending April 26, 2016.

For the week ending April 22, 2016, the U.S. Energy Information Administration (EIA) data showed a 2.0 million barrel increase in U.S. commercial crude inventories week-over-week, with total stocks now at 540.6 million barrels. U.S. crude oil inventories are at historically high levels for this time of year. EIA data also showed an increase in U.S. refinery utilization, with rates declining by 1.3 percentage points to 88.1%.

Figure 6: Crude Oil Price Comparisons

Text version

Figure 6

This graph shows crude oil prices for Canadian Light Sweet, WTI, Brent and WCS. The average weekly prices for the week of April 22, 2016, were $307.49/cubic metres, $332.82/cubic metres, $354.47/cubic metres and $228.63/cubic metres for the Canadian Light, WTI, Brent and WCS, respectively.